In today’s dynamic B2B universe, millions of enterprises are vying for the same mindshare of audience. Due to this, generating new leads has become challenging. With more enterprises joining this space, keeping the sales funnel fueled is vital. In B2B sales, every possible advantage is required to close leads. Technology, strategy, and an optimized database are all ingredients of the recipe for increasing conversions and fostering customer relationships.
In today’s dynamic B2B universe, millions of enterprises are vying for the same mindshare of the audience. Due to this, generating new leads has become challenging. With more enterprises joining this space, keeping the sales funnel fueled is vital. In B2B sales, every possible advantage is required to close leads. Technology, strategy, and an optimized database are all ingredients of the recipe for increasing conversions and fostering customer relationships.
The power of data emerges from the possibility of its enrichment, and the scope of improvement. Data once collected can be constantly updated and improved. By adding new parameters and metrics, the same data set can be fine tuned and repurposed to generate new business insights when required. This increases the value of the data by a lot. Data enrichment is mainly data integration of first party data with data from other sources. It is akin to filling in missing details so that business problems and their solutions can be seen with more clarity. By appending one or more data sets with other attributes, the completeness of data is ensured. Data enrichment can add great value to the usual data that you collect and process.
Optimizing your sales efforts by maintaining high data hygiene and data monitoring is a continuous process vital to increasing revenue. Having said that, the most important question that remains is how to improve the database to generate better leads. The process of data enrichment starts with standardizing all the merged data to fit your data quality needs. Data enrichment efforts impact the bottom line for better results generated by sales operations and marketing operations teams. Data decays with time, believe it or not. About 30% of data will become useless in almost a year due to potential leads changing their contact numbers, jobs, etc.
You can miss lucrative lead generation opportunities just because your databases are not up to date. Even the most advanced lead generation solutions don’t perform adequately due to the lack of clean, correct, and complete data. The quality of your sales database directly influences the success of your marketing efforts. Enriched data gives comprehensive information regarding your business and customers, thus equipping you to make better-informed decisions that can improve campaign performance in many ways.
Marketing campaigns can’t be successful if proper customer segmentation is not done. Categorizing potential customers based on their actions can help deliver more personalized offerings. Data enrichment is vital in segmentation as it provides valuable information regarding customers that can be used by businesses to segment them, anticipate their needs, and communicate with them accordingly.
Campaign success also depends on how lead scoring is done and its conversion rate. In lead scoring, we assign values in the form of numerical points to the leads. For example, the lead score will be low if you only know a potential buyer’s full name and personal email. But if you can enrich the data, it can be linked to more relevant data sources to append more information like their company name, work email, job title, etc. This will help in understanding the customer’s profile better and send a personalized communication and increase your conversion rate.
Now that we have gone through the need and importance of data enrichment, it’s time to get started. But how? Data enrichment doesn’t mean just adding more data to your records. Enriching data refers to appending the missing data points relevant to the situation at hand and sharing them in a form that guides you and enables problem-solving. The best way to go about it is to find a trusted partner that helps you in understanding your needs and suggesting the best data enrichment efforts.
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